Why you should start your Chalfont St Peter lease extension

Why you should start your Chalfont St Peter lease extension today:

Increase your lease and increase your Chalfont St Peter property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Chalfont St Peter. Clearly, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Chalfont St Peter have the legal entitlement to extend the lease for a further 90 years in accordance with statute. You should give due consideration before putting off your Chalfont St Peter lease extension. Putting off the cost now only increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

Lenders will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic once you need to dispose of or refinance your flat as it will be effectively unmortgageable. You might have no immediate intention to sell but when you do your buyer must wait 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Chalfont St Peter lease extensions?

The conveyancing solicitors that we work with handle Chalfont St Peter lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Chalfont St Peter Lease Extension Case Summaries:

Reuben, Chalfont St Peter, Buckinghamshire

During the course of the last few months Reuben, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Chalfont St Peter. In buying his flat 19 years ago, the lease term was of little significance. As luck would have it, he became aware that he would imminently be paying an inflated amount for a lease extension. Reuben arranged for a lease extension just under the wire last June. Reuben and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If he not met the deadline, the figure would have increased by at least £975.

Chalfont St Peter case:

Mrs N Bennett took over the lease of a basement flat in Chalfont St Peter in September 1999. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Chalfont St Peter with a long lease were worth £208,600. The average ground rent payable was £60 collected per annum. The lease termination date was in 2083. Given that there were 57 years remaining we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.